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Albany, New York, Sept. 03, 2018 (GLOBE NEWSWIRE) -- Transparency Market Research has published a new report titled, “Automotive Sun Visor Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018 – 2026”. According to the report, the global automotive sun visor market is anticipated to surpass US$ 10 Bn by 2026, expanding at a CAGR about to 3% during the forecast period.
The sun visor is installed in a vehicle in order to block the sun’s glare from distracting the driver and passenger. The sun visor was introduced in a Ford model T car in 1924. The sun visor is located in the cabin of the vehicle just beyond the windshield. The sun visor comprises of various components such as flap, mirrors, and lights. Different types of materials are used for the surface of the sun visor for enhanced esthetic appearance.
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The sun visor offers several advantages including heat absorption. The sun visor absorbs the heat and protects the electronic equipment in the car, thereby maintaining the temperature in vehicle cabin by blocking the sun light. The sun visor substrate is typically made form pressboard with the attachment of metal. Some sun visors are incorporated with mirrors and light for enhanced appearance. LCD sun visor is gaining popularity among consumers, as it not only blocks sunlight but is able to integrate DVD playback into the vehicle.
The conventional type sun visor segment is estimated to expand at a significant growth rate during the forecast period. Usage of conventional sun visor is high in passenger as well as commercial vehicles. Premium vehicles are equipped with the LCD type sun visors and hence, it is a highly attractive segment and is likely to expand at a significant growth rate during the forecast period. Rising demand for SUVs and premium vehicles across the globe, owing to preference by the young generation toward premium and SUVs, increase in purchasing power, and rise in per capita income are likely to drive the market. Sun visors are employed in light commercial vehicles and heavy commercial vehicles. Rise in demand for safety for drivers and passengers in commercial vehicles is likely to drive the sun visor market during the forecast period.
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The passenger vehicle segment held major share of the market, in terms of value and volume, in 2017. It is expected to maintain its dominance during the forecast period. Increase in production of passenger vehicles across the globe, owing to several factors such as strong demand for passenger vehicle from consumers, rapid urbanization, and decline in bank interest rate, are anticipated to boost the passenger vehicle segment.
Vinyl is widely utilized as a surface cover material for the sun visor in common vehicles due to its cost-efficiency over fabric material. Premium and luxury vehicles are equipped with fabric sun visors that enhance the overall appearance of the interior of these vehicles. Continuous rise in sales of premium vehicles and SUVs is likely to boost the demand for fabric material during the forecast period.
The OEMs segment is estimated to expand during the forecast period. The OEM segment is likely to expand at CAGR of about 4% during the forecast period owing to the increase in vehicle production across the globe, especially in Asia Pacific.
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Asia Pacific is expected to dominate the global automotive sun visor market owing to high volume production of vehicles in China and India. Presence of major auto manufacturers in Asia Pacific is likely to propel the demand for sun visor during the forecast period. Availability of raw material and presence of small and large manufacturers of sun visor across the region are likely to propel the automotive sun visor market during the forecast period.
Key players operating in the global automotive sun visor market are expected to benefit from the formation of strategic alliances with other global players. These players have strong global presence, firm establishments, and diverse product portfolios. Prominent players operating in the global automotive sun visor market include Irvin Automotive Products, Inc., GUMOTEX, BRACE, GRIOS sro, Grupo Antolin, Atlas Holdings., KASAI KOGYO CO., LTD., HOWA TEXTILE INDUSTRY CO., LTD., BURSA OTOTRIM PANEL SANAY? VE T?CARET A.?, KÖBO GmbH & Co KG, FOMPAK, and KB Foam Inc.
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The global automotive sun visor market has been segmented as follows:
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